Optional Premium Benefits
Use the worksheet and table below to calculate the retiree's reduced Premium Benefit if they elect the Optional Premium Benefit at the time of retirement.
The calculated amount will be the premium benefit available to the retiree until they pass away, and then will remain available for use by the contingent annuitant/survivor.
Remember that Premium Benefit is not an entitlement, and can only be used to reduce the cost of Health Insurance. In this case, if the retiree chooses the Optional Premium Benefit, the OPB can be used by both the retiree and then the survivor.
Find the factor that applies to your situation in the tables below. Or, you can view a printable version of the Benefit Factor Tables.
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